Canada Mortgage and Housing Corporation (CMHC) has announced the construction and funding of 70 new affordable rental housing units in Summerside, PEI.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing just over $15.18 million for the construction of a seven-storey, 70-unit building. Of the 70 units, 51 units (72.9%) have rents that fall at or below 70% of the 30% median income in the area.
According to CMHC, the project, developed by Arsenault Bros. Construction, will provide affordable housing options close to public transit and services for modest and middle-income individuals and families.
Summerside Mayor Basil Stewart said that the project was “transformational.”
"That's the word I use to describe how the Arsenault Bros affordable housing project will impact downtown Summerside,” he said “Once completed, this 70-unit complex will suddenly situate upwards of 150 or more new residents in our downtown. As an active partner, the City of Summerside is proud to join up with Canada Mortgage and Housing Corporation (CMHC), the Province of PEI, the Summerside Port Corporation, and Arsenault Bros Construction, all united in making this project a reality. This unity of purpose from three levels of government, the Port, and the private sector, has recognized the critical shortage of housing in PEI, and has stepped up boldly to do something about it."